Since Waxing and epilating do the same thing (pull out the hairs), why would waxing not have the same effect as epilating? I should think a tweezer would get a better grip on the hair than wax, I’m always amazed waxing works at all. I would think if epilating gives you bumps, so would waxing.
Maybe you need a better (or newer) epilator. I just got the Emjoi Opti Max, and no, I have no interest in the company, but this is a great device. I had a Braun a year ago, and pitched it after a few uses. I got this to do my armpits, and now do my legs, pits, and arms with it. I, too, get some red bumps on my forearms, and ONLY there, my legs are beautifully smooth, even after epilating for the first time. I got bumps on my arms from shaving too, so I think its something with my arms. I do get lots of ingrown hairs there, and try to tweeze them out, which I think it making them look worse, but otherwise they appear infected. I’m hoping that repeated epilating will solve the problem over time, as opposed to shaving which never got better. I could wax my arms, but fail to see how that would make a difference. I have noticed that the fine new hairs have some trouble breaking the skin surface, so that may be the problem, though they should have to do that naturally, as hairs do fall out and re-grow. Like I said, my pits and legs are beautiful and smooth, and I am very pleased. I guess if you are blonde you can shave your pits, but otherwise, the hair will always show there, I am amazed at how many women don’t wax or epilate or laser their pits.