This species is popular in the aquarium hobby and unlike the majority of congeners tends to spend a fair amount of time away from the substrate, often forming groups in midwater.

It has been placed in the unofficial ‘C. elegans group’, which contains a number of species exhibiting similarities in morphology and colour pattern, some of which remain unidentified in scientific terms.

Numerous ornamental forms of this species have been selectively line-bred for the aquarium trade, vernacular names for which include "sunset", "sunburst", "double red", "triple red", "gold", "white gold", "orange flash" and "albino". It has also been assigned the 'A' number A200 under the DATZ system with possibly conspecific, related forms similarly numbered A201, A202 and A203 depending on locality.

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Famed as a rapacious predator capable of rapidly stripping flesh from bone and a danger to any animal entering its native waters, P. nattereri is among the most notorious freshwater fishes in the world. As a result, displays featuring this “bloodthirsty” creature are found in most public aquaria, grisly Hollywood movies have been released, and the species has become popular in the aquarium trade. Little of this infamy is based on factual evidence, however.