Oil-based paint is the traditional paint used on trim. Oil-based paint dries harder and is more durable than latex paints. Although oil-based paints take longer to dry they level out and appear smoother due to its long dry time. Oil-based paints can only be cleaned with mineral spirits or turpentine. Due to its durability, oil-based paints are best used on trim work and cabinets.
Latex paints are the most common paints used nowadays. Latex paints dry much quicker than oil-based paints. Because it is less durable that oil-based paints, latex paints are best used on walls and ceilings.