To switch between the onboard lighting effects, use the following hot-key: Fn + PU (Page Up key) or Fn + PD (Page Down key)

6 Lighting Effects Order:
RGB Wave >> Stacking >> Solid >> Breathing >> Color Cycle >> Paint

To switch the LED Colors of the onboard effects, use the following hot-key: Fn + → (Right Arrow) or Fn + ← (Left Arrow). 
However, this only applies to “Solid” Lighting Effect. It is not possible to customize the default 5 colors.

5 Colors Cycle Order:
Red >> Blue >> Green >> Yellow >> Purple