Using a wax based product doesn't sound as if it's the best thing for your hair and wearing a ponytail everyday prob isn't doing much good either. I used to wear my hair in a french pleat ALL the time when I was at college and it snagged my hair a lot.
I'd suggest trying out a mousse or cream based product. Have you tried (the infamous) Boots Essentials Curl Cream? If not then defo give it a go, loads of us UK curlies use it and it ace! I also occasionally use Citre Shine Wound Up Mousse which is really nice as well, it gives nice bouncy curls without being crunchy.
Then maybe you should experiment with new shampoo's and conditioners? At the moment I use the Charles Worthington Q&A Moisture Solution Leave in Conditioner maybe three times a week and am trying the Boots Essentials Shampoo for dry hair (I use it about twice a week).
Oh, and this morning I tried out sachets of Charles Worthington Q&A Double Dose Rapid Rehydration Shampoo and Moisture Rush Conditioner. They've left my hair super soft, and noticably less frizzy when there's no product in there. Perhaps you could give them a go as you get a set of sachets (inc frizz fix serum) for about £1.
Good luck, let me know how your experimenting goes. I can recommend loads of other products as well if you want any more help - I seem to have been through the whole of Boots in my quest to find the right products for my hair!