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This type of trading is an investment method that permits investors to speculate on the price movement of different assets like stocks, commodities, cryptocurrencies, and forex pairs. Unlike traditional financial markets, binary options trading involves predicting whether the price of an asset will go up or down within a specific period. If the trader's prediction is right, they will get a fixed return on their investment, usually up to 90%. Nevertheless, if the trader's prediction is inaccurate, they will lose the whole of their initial investment. This form of trading is recognized for its ease and chance of big returns, but it also has 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 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 verify 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, 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 accessed Options trading 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: Look at 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 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 greatly impact your trading experience and success. So, take your time to research and select the best one.

The status of binary options trading in India is rather unclear. While there aren't any specific laws banning this form of trading, Binary Options Brokers the Reserve Bank of India (RBI) hasn't also approved it. The Securities and Exchange Board of India (SEBI), the body that administers the securities market in India, hasn't authorized any binary options brokers. Therefore, while there's no explicit prohibition, engaging in binary options trading comes with significant risks due to the lack of supervisory mechanisms. It's imperative for individuals to research thoroughly and seek legal advice before engaging in binary options trading in India.

To sum up, binary options trading in India is a controversial and risky investment practice. Even though it can potentially yield high returns, it also carries a high risk of loss. It is now in a legal grey area in India - neither officially allowed nor explicitly prohibited. Nevertheless, it's vital for individuals interested in binary options trading to fully understand the market and its risks before getting involved. It is equally advisable to deal with licensed brokers to make sure their investments are safe. Looking ahead, clear regulations from bodies such as SEBI could offer a safer and better organized environment for traders.