I just use a chunk of beeswax and rub it straight on the edges. I then use a piece of canvas to slick it a bit better. Finally I use my edge slicker for the final touch up.
Paraffin wax is a little harder than beeswax and is a bit cheaper. I have used that blend as well. I don't know the real reason people blend it, but as an ex candle maker I would assume the beeswax/paraffin mixture seeps in nicely and then hardens as well because paraffin is solid when set.