Depilatories: Nair and others are good for the arms. You really, really should test out some on a patch of skin first. Depilatories last about 7-10 days.
Waxes: Waxing involves a warm or cold gooey substance being spread on your skin. Next a strip of muslin (cotton) is placed into the gooey stuff. Then someone (maybe even you) RRIIIPPPSSS the muslin and the goo and your hair off. There is pain involved. You can judge how much. The pain is reduced if your follow the directions. It lasts 4-6 weeks so it might be worth the pain.
Shaving: Shaving your arms is not worth the stubble risk for women. Although the technique is used by some men, a depilatory, bleach, epilator, or wax is better.
Bleaching? Not if your hair is very dark and your skin is very light (the resulting color just won't mix). Lighter hair can be made almost invisible by a good bleach. Darker hair can be made to blend into a dark complexion very well.
Epilators: You can consider an epilator to be either an electric tweezer or an wax-free waxing machine. They quickly pluck the hair from your arms. They do require you to have a little bit of growth, but they work well. The pain is moderate but a whole epilation session can be fatiguing. Unlike waxes where missed hairs must be re-waxed in a long process, if the epilator misses something you just go over it again. If you have a lot of hair and a bottle of whiskey to numb the constant pain, these things are perfect.
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