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This type of trading is a financial tool that permits investors to predict on the price movement of different assets like stocks, commodities, cryptocurrencies, and forex pairs. As opposed to traditional financial markets, binary options trading entails predicting whether the price of an asset will go up or down within a certain period. If the trader's prediction is correct, they will get a fixed return on their investment, usually up to 90%. Nevertheless, if the trader's prediction is incorrect, they will lose the whole of their initial investment. This type of trading is recognized for its ease and chance of big returns, but it also carries significant risks.

Selecting the right binary options trading broker in India requires careful consideration and research. Here are a few steps and factors to consider:
1. Legalities: The principle thing to consider is the legality of binary options trading in India. Despite the fact that it's not illegal to trade binary options in India, it's not regulated by any financial authority either. So, it's crucial to ensure that the broker you choose complies with all legal requirements and regulations.
2. Reputation: Research the broker’s reputation. You can do this by reading reviews from other traders, checking online forums, and looking at ratings on relevant websites. The reputation of a broker can give you an insight into their reliability and trustworthiness.
3. Security: It's essential to choose a broker that provides high-level security. You should look at the encryption methods they use, whether they follow regulatory standards for data protection, and if they have any history of security breaches.
4. Trading Platform: The trading platform provided by the broker should be user-friendly and easy to understand, especially if you're new to this. It should also have all the necessary tools and features for technical analysis, strategy building, etc.
5. Customer Support: Make sure the broker has reliable customer support that can be contacted easily through multiple channels like email, live chat, and phone. They should be able to provide prompt and helpful responses to your queries.
6. Payment Methods: Examine the deposit and withdrawal methods offered by the broker. They should provide popular and widely accepted methods like credit/debit cards, bank transfers, and e-wallets. Also, check if they charge any fees for deposits or withdrawals.
7. Demo Account: A demo account lets you to practice trading without risking real money. It's a great way for beginners to learn about binary options trading and for experienced traders to test new strategies.
8. Payouts and Returns: Compare the potential payouts and returns offered by different brokers. The higher the payout percentage, the more money you can make on successful trades.
9. Asset Variety: Look at the variety of assets offered by the broker. The more assets they offer, the more trading opportunities you have.
10. Educational Resources: The Binary Options Forex broker should provide educational resources like webinars, e-books, articles, tutorial videos, etc., to help you improve your trading skills and knowledge.
Remember, picking the right binary options broker can significantly impact your trading experience and success. So, take your time to research and select the best one.

In India, binary options trading is a rather ambiguous matter. While there isn't any specific legislation that forbids this type of trading, the Reserve Bank of India (RBI) hasn't given it legal status either. The Securities and Exchange Board of India (SEBI), the body that oversees the securities market in India, hasn't authorized any binary options brokers. Therefore, while there's no definite prohibition, engaging in binary options trading comes with significant risks due to the absence of regulation. It's essential for individuals to thoroughly investigate and seek legal advice before getting involved in binary options trading in India.

In conclusion, the practice of binary options trading in India is both controversial and risky. While it has the potential for high returns, it simultaneously carries a significant risk of loss. It is presently in a legal grey area in India - neither officially allowed nor explicitly prohibited. Nevertheless, it's essential for those interested in binary options trading to completely understand the market and its risks before getting involved. It is equally advisable to engage with licensed brokers How to trade Binary Options? to make sure their investments are safe. Ahead, clear regulations from authorities like SEBI could provide a safer and more structured environment for traders.