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To start selecting text, do a long-press (hold the button down) where you want to start the selection and when the context menu appears, choose “Select”. This will by default select the current word. Use the selection handles to extend the selection:
If you are using a console application that uses the mouse/touch, you will need to first enable the touch mode, by pressing on the finger icon on the keyboard.
With text selected, when you release the touch from the screen, the context menu will offer a “Copy” option, select that to copy the selection into the clipboard.
Perform a long-press on the terminal, and then select “Paste” on the popup menu that appears.