Recent interactive rendering approaches aim to efficiently produce images. However, time constraints deeply affect their output accuracy and realism (many light phenomena are poorly or not supported at all). To remedy this issue, in this paper, we propose a physically-based fluid rendering approach. First, while state-of-the-art methods focus on isosurface rendering with only two refractions, our proposal (1) considers the fluid as a heterogeneous participating medium with refractive boundaries, and (2) supports both multiple refractions and scattering. Second, the proposed solution is fully particle-based in the sense that no particles transformation into a grid is required. This interesting feature makes it able to handle many particle types (water, bubble, foam, and sand). On top of that, a medium with different fluids (color, phase function, etc.) can also be rendered.