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Such trading is a type of financial instrument that enables investors to guess on the price movement of multiple assets like stocks, commodities, cryptocurrencies, and forex pairs. In contrast to traditional financial markets, binary options trading requires predicting whether the price of an asset will rise or fall within a specific period. If the trader's prediction is correct, they will earn a fixed return on their investment, usually up to 90%. Nevertheless, if the trader's prediction is incorrect, they will lose the entirety of their initial investment. This type of trading is recognized for its simplicity and chance of big returns, but it also has significant risks.

Selecting the right binary options trading broker in India necessitates careful consideration and research. Here are a few steps and factors to consider:
1. Legalities: The first and foremost thing to consider is the legality of binary options trading in India. Although it's not illegal to trade binary options in India, it's not regulated by any financial authority either. So, it's essential to make sure that the broker you choose complies with all legal requirements and regulations.
2. Reputation: Look into 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: Check that 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 Online trading Binary queries.
6. Payment Methods: Check out 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 Binary Trading demo account enables 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: Check the variety of assets offered by the broker. The more assets they offer, the more trading opportunities you have.
10. Educational Resources: The 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.

The situation around binary options trading in India is somewhat murky. While there are no clear-cut laws that ban this form of trading, the Reserve Bank of India (RBI) has not legalized it 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 clear-cut ban, engaging in binary options trading comes with significant risks due to the lack of supervisory mechanisms. It's essential for individuals to thoroughly explore and consult a legal advisor before participating in binary options trading in India.

In conclusion, the practice of binary options trading in India is both controversial and risky. Although it can potentially yield high returns, it simultaneously carries a significant risk of loss. It is presently in a legal grey area in India - not explicitly prohibited but also not officially allowed. However, it's essential for individuals interested in binary options trading to thoroughly understand the market and its risks before getting involved. It is also advisable to work with licensed brokers to ensure their investments are safe. Looking ahead, clear regulations from entities like SEBI could offer a safer and more structured environment for traders.