It is a popular fish in the aquarium trade due to its prolific breeding, as are hybrids with other members of its genus, most notably the southern platyfish.

The variable platyfish is endemic to the Atlantic slope of Mexico from southern Tamaulipas south to northern Veracruz.

The species has also been introduced and become established in a number of locales, largely due to releases related to the aquariums trade.

The fish's habitats include slow-moving waters of vegetated canals, ditches, and warm springs.

It is popular due to its often colourful and variable patterns and its ability to survive in cooler waters than other fish; it can comfortably live at temperatures between 16 and 24 °C (61 and 75 °F).