The decision is mostly determined by what's on your input side and what your foreground looks like:
One grayscale imageLoading..., foreground brighter than a value: Threshold.
One grayscale image, foreground inside an intensity band: Threshold - LT, GT.
One grayscale image, you don't know the right value: OtsuLoading..., then look at the result and adjust.
Two grayscale images, foreground where one is brighter than the other: Compare.
An RGB image, foreground has a specific color signature: Threshold (RGB) or Compare - inside interval (RGB), depending on whether the test is per-channel intensity or color-band membership.
An RGB image with foreground outside a known color band (e.g., everything not background-blue): Compare - outside interval (RGB).
The engines referenceLoading... has the per-engine parameters; this page is the family map.