Latex paints or acrylic paints are fast-drying water-based paints. Oil based paint is a slow drying paint made with oil. Latex paints are generally better for the interior of homes and on large surfaces. Oil-based paints are generally used on metals, wood and for paintings.Click to see full answer. Just so, is latex paint oil based?As opposed to oil-based paints, water-based paints (sometimes referred to as “latex paints” or “acrylic paints“) do not use solvents; the carrier for the pigment is primarily water. Latex paints also have a minimal odor and release significantly fewer VOCs during the drying process.Furthermore, how do you know if paint is oil or water based? Rinse well and towel dry. Then soak a cotton ball, Q-tip or soft rag in alcohol and rub it back and forth over the cleaned area. If paint comes off, it’s latex and another coat of the same is in order. If the paint doesn’t come off, it’s oil-based, and an oil-based primer is a must. Also to know is, is latex paint better than oil based? Latex paint is easier to work with and dries more quickly, but it isn’t quite as durable as oil-based paint. Latex is good for general painting projects such as walls and ceilings. Paint comes in a number of different finishes, from flat to high gloss. Oil-based primer works well with oil-based paints.Is latex paint waterproof?Considering paint is just a finish applied to things like a skin the answer is no. In a sense it is used like a waterproofing coating.