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Such trading is a type of financial instrument that enables investors to speculate on the changes in the price of multiple assets like stocks, 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 certain period. If the trader's prediction is accurate, they will get a fixed return on their investment, often up to 90%. But, if the trader's prediction is inaccurate, they will lose the entirety of their initial investment. This form of trading is recognized for its ease and potential for high returns, but it also comes with significant risks.

Picking the right binary options trading broker in India necessitates careful consideration and research. Here are a few steps and factors to consider:
1. Legalities: The main 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 essential to verify 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 easy to use 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 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 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 Binary Trading 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, Fixed Contracts trading 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 considerably 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 aren't any specific laws banning this form of trading, the Reserve Bank of India (RBI) has not sanctioned it as well. The Securities and Exchange Board of India (SEBI), the body that oversees 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 crucial for individuals to thoroughly investigate and seek legal advice before engaging in binary options trading in India.

To sum up, the practice of binary options trading in India is both controversial and risky. While it can potentially yield high returns, it simultaneously carries a high risk of loss. It is presently in a legal grey area in India - neither officially allowed nor explicitly prohibited. Nonetheless, it's vital for those interested in binary options trading to completely understand the market and its risks prior to getting involved. It is equally advisable to engage with licensed brokers to guarantee their investments are safe. Ahead, clear regulations from bodies such as SEBI could provide a more secure and better organized environment for traders.