F. macrostigma was introduced to cultivation by William Lobb. He collected it in the vicinity of Cuenca in the highlands of Ecuador, although Veitch confusingly described it as being from the Andes of Cuenca, Peru. According to Hortus Veitchii Lobb described it in a letter to Veitch as the 'loveliest of the lovely found in shady woods and growing from two to four feet high'. Kew had herbarium specimens collected in Ecuador in September 1847 by Berthold Seemann, a German botanist who served as a naturalist onboard the survey ship HMS Herald. The plant was exhibted by Veitch at the Regent Street rooms of the Horticultural Society of London in April 1848, when it was awarded a silver medal.
The illustration in Curtis's Botannical Magazine (plate 4375) was taken from the Veitch plant and described as one of the most handsome fuchsias in cultivation.