Editing text - how to change the cursor position accurately?

I find it quite hard to edit spelling mistakes, **using just the touchscreen**. Currently, I try to tap the screen exactly where I want the cursor to be, but this isn't very accurate. The iPhone has a nice ['magnifying glass'](https://www.youtube.com/watch?v=Hzoh30umm_c) feature which allows you to accurately move the cursor. Is there a similarly nice way to do this in Android?