To add an address or place to Favorites, either select a point on a map, pull up the tab at the bottom of the screen and choose “Add to favorites”.
Alternatively, tap on the heart icon in the top right corner of the screen, then on the blue PLUS “+” button in the bottom right corner of the Favorites screen. Then you can search for a location by typing its name or address, or you can instead tap on “Choose on map” to select a location on the map by dragging the marker around.
To remove a favorite, press and hold your finger on it for about 1 second, which opens a menu where you can choose to remove it. This menu also offers the option to rename the favorite and to create a shortcut on the home-screen of your device. Keep in mind, that even if you remove the favorite, it will not affect the shortcut, which needs to be deleted like any other icon on your home-screen.
The two parallel lines to the right of the names of the favorites are used to select them when you want to move them up or down to change their order in the list.