At the end of the day, all paints basically fall under two solvent categories which define their type; mineral spirit based (commonly known as paint thinner) or water based. In common convention these paints are referred to as oil based paint (alkyd resin base thinned with mineral spirits) or latex based paint (water thinned). Ironically neither latex based paint nor oil based paint contain latex or oil.
Latex paint is the most common and environmentally responsible providing for soap and water clean up. These paints also dry faster and have less odor from VOC's (volatile organic compounds). Water based latex paints have come a long way and are extremely high performing paints.
Alkyd paint is a hazardous material and is sometimes regulated by local municipalities.
