FUNCTION FIRST is the most important rule in web design. You can have the most glamorous looking website out there, but if no one can read it there is no point.
Use contrasting colours are best. A lot of websites use grey text on white backgrounds which just weakens legibility of content which could simply be black and white.
Whilst using hyperlink use hover underline but if you must use colour make sure it doesn’t break he flow of your text distracting the reader.
You must be weary of the colour blind users!
Web Design Tip: If you have red and green together the difference can’t be deciphered.