You should use IK Reach on your character when:
For example, keying your character’s foot placements when they contact the floor during a walk cycle. In this instance, setting keys on the FootEff effectors prevents undesirable foot sliding.
You should set FK Reach on your character when:
For example, keying your character’s FootEff when its legs are off the floor swinging through the air during a walk cycle. In the instance, you need to key the movements of your character’s legs, but your character’s feet do not have stick to any one position.