Pressing the Colors Icon on the Edit Bar makes small versions of it appear on the screen where you can set color preferences.

Where there are two horizontal icons, the one to the left lets you set the background colors of different areas of the screen. The one to the right lets you set the colors of different text blocks.

For example, this bullet item has two color icons:

Pressing the right icon lets you select from a menu of colors or to enter your preferred hex color for the text.

Pressing the left icon and selecting blue, the element will look like this: