In this work, we examined the performance of conventional DFT based OFDM and wavelet based OFDM (WOFDM) with and without Alamouti coding over multipath Rayleigh fading channels with exponential power delay profile. Results show that WOFDM has slightly better bit error rate performance than the conventional OFDM with and without Alamouti code. Besides the performance improvement of WOFDM as compared to conventional OFDM, increases by the use of Alamouti coding. In addition to having better performance, WOFDM might be an alternative to conventional OFDM since it has better bandwidth efficiency.