What fluid is inside a raymarine fluxgate compass?

Yes, paraffin wax. The difference is in the proportion of longer chain olefins (and, obviously, the temperature.)
Paraffins are not olefins

Paraffins are alkanes, formula CnH2n+2
Olefins are alkenes, formula CnH2n
 
Take great care with transformer oil. For many years until quite recently, electrical insulating oils were made mostly from polychlorinated bi phenyl (bcp) which turned out to be a bio accumulative toxin, ie a toxin which your body has no means to get rid of. Nowadays replaced by mineral oils, but don't fiddle with the old stuff without extensive precautions to keep it off your skin.

Peter.
 
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