Wax will wear off in handled areas, if you re oil it should soak into those areas and sit on top of the rest. The birchwood stuff (true oil) is really good but its actually a thin penetrating varnish which lasts much longer than an oil ever could. It also isnt water sensitive like linseed or tung oil are.
I wouldnt wax over it, as wax can make refinishing difficult if its ever needed.
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