Your first weapon choice matters more than your first race. You can reroll your race later with Race Rerolls from codes, but your starting weapon determines your skill tree path and combat style for the first several hours.
Light weapon path (Sword, Daggers): Best for players who enjoy fast-paced combat, dodging, and combo chains. Your skill tree will favour attack speed, mobility, and multi-hit Ultimates.
Heavy weapon path (Hammer, Greatsword): Best for players who want to deal big damage and soak hits. Your skill tree leans into damage multipliers, defence, and single-hit devastating Ultimates.
Race is important but not urgent. Your starting race is random, and you can reroll it anytime with Race Rerolls from active codes. The general race ranking: S tier (Demon, Angel) > A tier (Fairy, Dragoon, Sorcerer) > B tier (Dragonkin, Undead, Goblin) > C tier (Orc) > D tier (Human). But for your first few hours, any race works fine.
If you get a Demonic or Angelic race roll early, keep it. These are rare and offer the best all-around buffs. If you get Human, reroll when you have spare Race Rerolls.
Update 9 added an extra race slot unlockable at Level 20 for 5,000 Gold. This is great news for free-to-play players — you can keep a backup race without losing your current one. It is not urgent early on, but keep it in mind as you approach Level 20.