There is a formula.
[ URL="http://www.whatever.com"]http://www.whatever.com[/URL]
Click on the "Insert Link" button, then enter the link you want to direct it.
Then there will be a highlighted area which contains the text you want to refer the link for.
In my example thats the ]http://www.whatever.com[/URL], the second link.
If you modify that like this:
[ URL="http://www.whatever.com"]here[/URL] then it will say "here".