I pretty much always use list/iterator combinators (map, filter, flat_map, reduce), or recursion. I guess the choice is whether it is convenient to model the problem as an iterator. I think both options are safer than for loops because you avoid mutable variables.

In nearly every case the performance difference between the strategies doesn't matter. If it does matter you can always change it once you've identified your bottlenecks through profiling. But if your language implements optimizations like tail call elimination to avoid stack build-up, or stream fusion / lazy iterators then you might not see performance benefits from a for loop anyway.