If you're using something with a proper keyboard, bold is easy. Before the word(s) you want to be bold, press control-B then type the words you want to be bold, then press end and carry on typing.
Italic used to be just as easy, using control-I instead of control-B. II's only this unnecessary indent bug that has made it clumsy.
It's always going to be much harder doing it on a tiny screen without a proper keyboard, but there's not a lot that anybody can really do about that.