Color options are available under the premium version of this theme. Check Refined Magazine Pro where you will get more customization options and settings.
But if you want to do that in free version, you need to customize the theme.
Color Options are available under the premium theme. We have limited color options under the free version as well. Check Appearance > Customize > Colors but the pro version has more option. If you are not able to customize the theme, then we can recommend you to purchase the premium version.