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Binary options trading is an investment method that permits investors to speculate on the price movement of multiple 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 particular period. If the trader's prediction is right, they will earn a fixed return on their investment, often up to 90%. But, if the trader's prediction is wrong, they will lose the entirety of their initial investment. This method of trading is recognized for its ease and chance of big returns, but it also comes with significant risks.

Selecting the right binary options trading broker in India demands 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 vital to make sure 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, 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: Ensure 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 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: 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 broker should provide educational resources like webinars, e-books, articles, tutorial videos, etc., to help you boost 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 explicit Fixed Contracts trading laws prohibiting this type of trading, the Reserve Bank of India (RBI) has not legalized it either. The Securities and Exchange Fixed Time Trading Board of India (SEBI), the body that regulates 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 absence of regulation. It's essential for individuals to thoroughly investigate and get legal counsel before engaging in binary options trading in India.

To sum up, binary options trading in India is a controversial and risky investment practice. While 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. However, it's essential for individuals interested in binary options trading to fully understand the market and its risks before getting involved. It is equally advisable to engage with licensed brokers to guarantee their investments are safe. Looking ahead, clear regulations from authorities like SEBI could give a safer and more structured environment for traders.