It's not awful how it's done in a post. But it's not smooth either.
1. Paste in the text URL or type target text into the post.
2. Highlight the text from a source (this typed line or elsewhere)
3. CTRL+C to Copy
4. Click button on BBcode bar
5. Paste the URL text.
6. Click Insert.
I think a series of characters starting http or www should automatically be parsed as a URl.