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Binary options trading is an investment method that allows investors to speculate on the changes in the price of multiple assets like shares, commodities, cryptocurrencies, and forex pairs. In contrast to traditional financial markets, binary options trading entails predicting whether the price of an asset will rise or fall within a particular period. If the trader's prediction is correct, they will get a fixed return on their investment, often up to 90%. Nevertheless, if the trader's prediction is wrong, they will lose the entirety of their initial investment. This type of trading is known for its ease 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 crucial to verify that the broker you choose complies with all legal requirements and regulations.
2. Reputation: Investigate 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, 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: Make sure the broker has reliable customer support that can be accessed 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 Fixed Contracts trading 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: 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 enhance your trading skills and knowledge.
Remember, selecting the right binary options broker can greatly 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 are no clear-cut laws that ban this form of trading, the Reserve Bank of India (RBI) has not sanctioned it as well. The Securities and Exchange Board of India (SEBI), Bonus Deposit Online Trading the body that administers the securities market in India, hasn't licensed 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 regulation. It's vital for individuals to research thoroughly and seek legal advice before participating in binary options trading in India.

Overall, the practice of binary options trading in India is both controversial and risky. Even though it has the potential for high returns, it simultaneously carries a high risk of loss. It is presently in a legal grey area in India - not explicitly prohibited but also not officially allowed. Nevertheless, it's crucial for those interested in binary options trading to thoroughly understand the market and its risks before getting involved. It is also advisable to deal with licensed brokers to ensure their investments are safe. Ahead, clear regulations from authorities like SEBI could offer a more secure and more structured environment for traders.