There are no visible formatting tools in Discord, yet users can still format their text using a simplified version of Markdown. To bold text, users should put it between two pairs of asterisks, while for italics and other options, similar syntax applies. The most common formatting options include __underline__ and ~~Strikethrough~~, which can be accessed through Discord's official documentation. Despite the lack of native formatting tools, users can still effectively format their text using Markdown.