A lot of people got confused when first time using Fancy Product Designer, and they got no color options while editing a text.
In order for the color option to show, you need to go to Fancy Product Designer > Settings > Element Properties > Coloring:
Here is what you need to input:
1. Input 1 color to show the color picker
The setting:
In frontend:
2. Input more than 1 color in order to show that specific color only:
The setting:
In frontend: