On Ifrax, you are able to change your waypoint's colour.
By going to the pause menu > server settings > waypoint settings you can use the buttons to choose from some basic colours.
You can set your waypoint's colour to a hex code by going to use hex code, inputting the code into the text box, and pressing submit.
You can also set your waypoint colour with commands with /wpc set [color] and /wpc hex [hex code], this is useful if you are on bedrock.
You can generate commands to set your waypoint's colour to a hex code and can copy the hex code with the colour picker below. Not all minigames will have the locator bar enabled.