Yes, regular waxing works. Laser would be better but more expensive.
I also have hair on my forearms and I bleach them in between the waxes. Wax strips work for me and I use a commercial cream hair bleach. You could even use camomile tea for lightening the hair. You boil dried camomiles (it is sold in my country, but you can also prepare yourself) you wet your arms with this tea after it is warm enough and you keep your arms under sunlight.
There are also some creams that claim to reduce hair growth. There is a Turkish brand called BioXet that I use. It definitely slows down growth but I haven't used it long enough to comment on whether it actually reduces the number of hairs.
Hope this helps and please, do not feel ashamed. We all have different genes. Each one of us is unique and we must be proud of this. We should just like to take care of ourselves.