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Binary options trading is a financial tool that enables investors to predict on the changes in the price of various assets like shares, commodities, cryptocurrencies, and forex pairs. Unlike traditional financial markets, binary options trading entails predicting whether the price of an asset will increase or decrease within a specific period. If the trader's prediction is right, they will get a fixed return on their investment, often up to 90%. However, if the trader's prediction is incorrect, they will lose the total of their initial investment. This form of trading is recognized for its straightforwardness and possibility of high profits, but it also comes with significant risks.

Choosing 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. Even though 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 simple to navigate and easy to understand, particularly if you're a beginner. 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 reached 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: 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 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: Examine the variety of assets offered by the broker. The more assets Forex and Binary Options 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 enhance your trading skills and knowledge.
Remember, choosing the right binary options broker can significantly impact your trading experience and success. So, take your time to research and select the best one.

Binary options trading in India is a subject of ambiguity. While there aren't any specific laws banning this form of trading, the Reserve Bank of India (RBI) hasn't also approved it. The Securities and Exchange Board of India (SEBI), the body that regulates the securities market in India, doesn't license any binary options brokers. Therefore, while there's no outright ban, engaging in binary options trading comes with significant risks due to Fixed Contracts trading the shortage of regulatory oversight. It's imperative for individuals to thoroughly explore and consult a legal advisor before participating in binary options trading in India.

To sum up, the practice of binary options trading in India is both controversial and risky. While it has the potential for high returns, it also carries a significant risk of loss. It is currently in a legal grey area in India - neither officially allowed nor explicitly prohibited. Nonetheless, it's essential for individuals interested in binary options trading to fully understand the market and its risks prior to getting involved. It is also advisable to deal with licensed brokers to guarantee their investments are safe. In the future, clear regulations from bodies such as SEBI could offer a more secure and more structured environment for traders.