What is a live broker account?

Can you please elaborate on what a live broker account entails? Is it an account where I can actively trade cryptocurrencies and other financial instruments in real-time? What are the benefits of having a live broker account as opposed to a demo or simulated trading account? Do I need to meet any specific requirements or qualifications to open a live broker account? And finally, how do I go about setting up a live broker account with a reputable brokerage firm?