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From my own experience and after carefully reviewing Topstep, I’ve found their approach to live trading differs significantly from traditional brokers. With Topstep, you can’t simply open a live funded account by making a deposit—there is no option for direct trading of your own capital. Instead, Topstep operates as a proprietary trading firm and requires all prospective traders to go through their simulation-based evaluation, known as the Trading Combine. There are three tiers of simulated "evaluation" accounts ($50K, $100K, $150K buying power), but these are not live trading accounts; they're assessments. For me, this meant there was no "initial deposit" in the conventional sense, as you don’t fund a personal trading account. Rather, you pay a fee to participate in the Trading Combine. Only after you pass their evaluation process are you eligible for an Express Funded Account, giving you the opportunity to trade with firm capital rather than your own money. Since the firm's own policies clarify that there is no minimum deposit required for a live account—because you do not operate one directly—it's critical for traders to recognize this difference before committing, particularly given Topstep’s lack of regulatory oversight and the unique model they employ. I personally advise anyone interested to thoroughly review the participation and withdrawal fees as well as the evaluation structure before proceeding.