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This type of trading is a type of financial instrument that allows 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 rise or fall within a particular period. If the trader's prediction is correct, they will earn a fixed return on their investment, frequently up to 90%. Nevertheless, if the trader's prediction is inaccurate, they will lose the entirety of their initial investment. This form of trading is known for its straightforwardness and chance of big returns, but it also comes with significant risks.

Picking 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. Even though it's not illegal to trade binary options in India, it's not regulated by any financial authority either. So, it's vital to make sure 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, 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 Binary Options vs Digital Options 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 Is binary Option legal 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 enhance your trading skills and knowledge.
Remember, choosing the right binary options broker can greatly impact your trading experience and success. So, take your time to research and select the best one.

In India, binary options trading is a rather ambiguous matter. While there isn't any specific legislation that forbids this type of trading, the Reserve Bank of India (RBI) hasn't also approved it. 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 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 consult a legal advisor before getting involved in binary options trading in India.

Overall, the practice of binary options trading in India is both controversial and risky. Even though it has the potential for high returns, it also carries a high risk of loss. It is presently in a legal grey area in India - not explicitly prohibited but also not officially allowed. Nonetheless, it's vital for those interested in binary options trading to thoroughly understand the market and its risks before getting involved. It is equally advisable to deal with licensed brokers to guarantee their investments are safe. Ahead, clear regulations from authorities like SEBI could offer a more secure and better organized environment for traders.