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This type of trading is an investment method that enables investors to predict on the changes in the price of different assets like shares, commodities, cryptocurrencies, and forex pairs. As opposed to traditional financial markets, binary options trading requires predicting whether the price of an asset will go up or down within a certain period. If the trader's prediction is correct, they will receive a fixed return on their investment, often up to 90%. However, if the trader's prediction is inaccurate, they will lose the total of their initial investment. This method of trading is known for its simplicity and possibility of high profits, but it also comes with significant risks.

Picking 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 main 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: 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 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 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 How to trade Binary Options? 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 Digital Options Trading 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: Look at 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, choosing 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 status of binary options trading in India is rather unclear. While there isn't any specific legislation that forbids this type of trading, the Reserve Bank of India (RBI) has not legalized it either. The Securities and Exchange Board of India (SEBI), the body that oversees the securities market in India, doesn't allow 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 supervisory mechanisms. It's essential for individuals to thoroughly investigate and seek legal advice before engaging in binary options trading in India.

Overall, the practice of binary options trading in India is both controversial and risky. Even though it can potentially yield 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 vital for individuals interested in binary options trading to fully understand the market and its risks prior to getting involved. It is equally advisable to work with licensed brokers to guarantee their investments are safe. In the future, clear regulations from authorities like SEBI could provide a safer and better organized environment for traders.