Named in honor of pet-book publisher Herbert R. Axelrod (1927–2017), who collected the type specimen.

[2] Hyphessobrycon axelrodi is a small, iridescent, silver fish with white-tipped dorsal, anal and pelvic fins.

Females are duller, with faint gray-tipped fins and a dull pink tail.

[citation needed] Hyphessobrycon axelrodi is native to the island nation of Trinidad.

It inhabits low elevations in fresh and brackish waters near swampy areas.