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This type of trading is a type of financial instrument that permits investors to speculate on the fluctuation in price of different assets like shares, commodities, cryptocurrencies, and forex pairs. In contrast to traditional financial markets, binary options trading requires predicting whether the price of an asset will rise or fall 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 wrong, they will lose the whole 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.

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. Despite the fact that it's not illegal to trade binary options in India, it's not regulated by any financial authority either. So, it's vital 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 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 user-friendly 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: Ensure 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: 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 Fixed Contracts trading 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 boost your trading skills and knowledge.
Remember, selecting 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 status of binary options trading in India is rather unclear. While there aren't any specific laws banning this form of trading, the Reserve Bank of India (RBI) hasn't given it legal status either. The Securities and Exchange Board of India (SEBI), the body that administers the securities market in India, hasn't licensed 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 regulation. It's crucial for individuals to do intense research and get legal counsel 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 can potentially yield high returns, it also carries a significant risk of loss. It is now 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 completely understand the market and Binary Options regulators 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 bodies such as SEBI could provide a safer and better organized environment for traders.