As of now it is only allowing me to add keyframes to two FX (Pan/Crop and Color Curves); However other FX such as (Color Correction, Levels, Film Grain etc...) will not allow me to add keyframes nor give me the Animate button option.
Also, you mentioned the "Keyframe Controller" will that be the solution,if so where is that located?

As Steve said, different FX use different buttons to turn on the Keyframe Controller.
If you do not see the Animate button, look for the clock-like button. Click the Animate or clock-like button to display the Keyframe Controller at the bottom of the window.
Remember that you can resize the "FX Box." Hold down the left mouse button and drag a border/corner. Or double-click the title bar of the Video FX window to resize it for the current plug-in.

What version of Movie Studio?

I have Movie studio 13.0 on Windows 10.

Unfortunately I don't have the basic version of Movie Studio 13 installed.
If what I suggested in my previous post is not available or does not work in your version, you could try to reset the software to default settings and preferences. It seems to cure at least some anomalies in Movie Studio 13.

I Reset software to default settings, however it did not fix the problem.

The thread linked below is from the Pro forum, but applies to MS Platinum 13 at least as well.
Media Generator Timeline Not Showing
The last post there has an image link depicting the clock-like icons.
Do you see them in your Video event FX window? It should be either them or "Animate".
If not, maybe try an uninstall/reinstall?

With the newest OpenFX effects, each parameter is keyframed individually. To keyframe a parameter, you have to click on the little "clock" icon beside that parameter.