Here's an interior-painting primer, starting with the pros and cons of oil-based and water-based, or latex, paints. Oil-based paint is more durable, but it takes longer to dry, and cleanup requires turpentine or paint thinner (mineral spirits). Alkyd paint is more common because it is less expensive and tougher.
In respect to this, what is the difference between water based paint and acrylic paint?
The vehicle and binder of oil paints is linseed oil (or another drying oil), whereas acrylic paint has water as the vehicle for an emulsion (suspension) of acrylic polymer, which serves as the binder. Thus, oil paint is said to be "oil-based", whereas acrylic paint is "water-based" (or sometimes "water-borne").
What is latex paint in the UK?
Latex paint is a general term which covers all paints that use synthetic polymers such as acrylic, vinyl acrylic (PVA), styrene acrylic, etc. as binders. Our brothers and sisters in the UK use the general term "emulsion" instead of latex but it is the same type of paint that we term “latex” paint in USA.