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Binary options trading is a financial tool that permits investors to guess on the fluctuation in price of various assets like stocks, commodities, cryptocurrencies, and forex pairs. Unlike traditional financial markets, binary options trading requires predicting whether the price of an asset will go up or down within a particular period. If the trader's prediction is right, they will earn a fixed return on their investment, usually up to 90%. However, if the trader's prediction is inaccurate, they will lose the entirety of their initial investment. This method of trading is known for its ease and chance of big returns, but it also comes with significant risks.

Selecting 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 crucial to ensure 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 important 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 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 lets 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, How to trade Binary Options? articles, tutorial videos, etc., to help you boost your trading skills and knowledge.
Remember, selecting the right binary options broker can considerably 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 are no clear-cut laws that ban this form of trading, the Reserve Bank of India (RBI) hasn't given it legal status either. The Securities and Exchange Board Expert Option login of India (SEBI), the body that administers the securities market in India, hasn't licensed any binary options brokers. Therefore, while there's no outright ban, engaging in binary options trading comes with significant risks due to the lack of regulation. It's essential for individuals to research thoroughly and seek legal advice before taking part in binary options trading in India.

In conclusion, the practice of binary options trading in India is both controversial and risky. While it has the potential for high returns, it simultaneously carries a high risk of loss. It is now in a legal grey area in India - not explicitly prohibited but also not officially allowed. Nevertheless, it's essential for those 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. Looking ahead, clear regulations from entities like SEBI could offer a more secure and more structured environment for traders.