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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 multiple 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 increase or decrease within a specific period. If the trader's prediction is accurate, they will get a fixed return on their investment, usually up to 90%. However, if the trader's prediction is incorrect, 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 carries 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 principle 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 crucial to make sure 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 accessed 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 How to trade Binary option? to practice trading without risking real money. It's a great way for beginners to Fixed Contracts trading 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, picking 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, the Reserve Bank of India (RBI) has not sanctioned it as well. The Securities and Exchange Board of India (SEBI), the body that supervises the securities market in India, doesn't allow any binary options brokers. Therefore, while there's no explicit prohibition, engaging in binary options trading comes with significant risks due to the absence of regulation. It's crucial for individuals to thoroughly explore and consult a legal advisor before taking part in binary options trading in India.

In conclusion, binary options trading in India is a controversial and risky investment practice. While it can potentially yield high returns, it simultaneously carries a significant risk of loss. It is currently 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 before getting involved. It is also advisable to deal with licensed brokers to guarantee their investments are safe. Ahead, clear regulations from entities like SEBI could provide a more secure and more structured environment for traders.