In fact, there are lots of way to say "please wait a sec?"
If you use 稍候, it is usually a bit formal. You can still used in daily conversation though. One of the common situation is in restaurant or on the phone when you want the customer to hold on a sec.
Other ways of saying this include:
請稍等一下
請稍等
稍等一下/稍等一會
等等
等一等
等一下
等我一下
Hope it helps. Good luck with the learning.