Translation:I will wait here.
The present simple is used for routine or repeated actions, what happens in a certain situation, or to talk about what someone can do: I wait here every day (until my friend arrives) She plays guitar (she knows how to play, and probably does play sometimes) He doesn't drink (if people are drinking alcohol, he doesn't have any)
If you want to talk about right now, you use the progressive form: I am waiting here, she is playing guitar, he isn't drinking
The で is not for the verb wait but is the particle for ここhere. "The Japanese particle で (de) is used to indicate the place at which an action or event takes place. "
It's not that "I wait here" would never be said in English. (It could easily be part of a sentance like, "I wait here for the bus in the morning.") It sounds awkward on its own, though. A fluent English speaker would normally say, "I will wait here," or "I am waiting here."