In the aquarium hobby the name Hyphessobrycon stegemanni has frequently been misapplied to a species that has been described as Hemigrammus ataktos Marinho, Dagosta, & Birindelli 2014. The reasons for this confusion are presumably that the two occur sympatrically in the rio Tocantins system and both possess a dark lateral stripe on the body.

This species is occasionally available in the aquarium trade, although usually as bycatch among shipments of other fishes.

It is sometimes traded as H. sp. ‘Araguaia red’, H. sp. ‘Araguaia’ or ‘Schultz’s tetra’.