My analysis and opinion of every playable characters.
MC ( Katana ): C Tier - Very straightforward, not that much consistent TP wise and not very versatile but the damage output is insane. Relies heavily on critical attacks which is RNG based so not that much consistent on that regard too. It's straightforwardness playstyle is dull in my opinion.
MC ( Gauntlet ): A Tier - Very versatile, very consistent TP wise and has lower damage output than Katana but still decent overall because of some abilities have multi-attacks (which increases crit chance, more attacks = more chance). Can debuff bosses with burn and cleanses ailments like its nothing. Has a cheaper TP cost but inflicts less stun ability, has an ability that counters flying enemies, has a decent evasion too. Easy to use and master.
Ellone : S Tier - Insane burst healing and damage, provides so much support utility from providing TP to status and damage buffs, fairly tanky if equipped with shield. Focusing building up her agility makes her the best support character. Occasionally inflicts blind too so that's a plus. Best. Support. Character. Period.
Stin : A Tier - Very tanky, very good damage or stun utility depending on the build, can redirect 1 shot boss attacks to herself but she is slow due to her equipment penalizing agility. Beginner friendly character and can save your ass in many frustrating fights.
Leni : B Tier - Very fast, high critical damage output, can provide supportive utilities to allies and inflict ailments to enemies, her ailment abilities relies on RNG so it's not consistent and she has an ability that can make your entire party take action twice but it requires so much MP very costly for her mana pool. Her TP regen is very good and good against flying bosses. She is intended to provide support while inflicting ailments but she's very underwhelming in that regard so I just play her as a simple damage dealer.
Yunfa : D Tier - Very high burst damage but she's limited to only 2 elements ( mage btw ). Consumes so much MP potion if you use her in the team to explore the game. Very good AoE damage and she can inflict slow with her ice and burn with her fire, she can also inflict poison but it's not worth it ( trust me ). Very simple mage character that suffers for being squishy and very costly on MP potions.
Iria : S Tier - She has everything (mostly). From Quick healing, Debuffs, Stun, AoE Damage, Burst Damage, TP regen, Durability, Double-Action, and Multi-Attacks. She is literally the main character of the first game who defeated a last boss in her game SOLO. Making her equip a longsword instead of a greatsword is still decent. She is very faithful to her abilities from the first game and I appreciate the dev for it.