I think it's possible to get bees' wax in various stages of refinement, but I've used the stuff that smells like honey, and it looks authentic.
You should never directly melt the wax in a pan, since it can flash on you. What I do is use a sort of double-boiler arrangement: I put a small glass jar of wax in a shallow pan of boiling water.
Dipping requires practice, but the wax is pretty forgiving; it will come off fairly easily for another pass, or you can put it back in the heated wax for a bit, and the coating will melt off.
Expect drips, runs, areas that are a little more opaque than others, etc.--you know, like the "real" thing!
The bees' wax has the added advantage of obscuring the hot glue plug, which goes a long way in disguising the fact that it actually
is hot glue.