The applicability of the order of magnitude method [H. Struchtrup, “Stable transport equations for rarefied gases at high orders in the Knudsen number,” Phys. Fluids 16, 3921–3934 (2004)] is extended to binary gas mixtures in order to derive various sets of equations—having minimum number of moments at a given order of accuracy in the Knudsen number—for binary mixtures of monatomic-inert-ideal gases interacting with the Maxwell interaction potential. For simplicity, the equations are derived in the linear regime up to third order accuracy in the Knudsen number. At zeroth order, the method produces the Euler equations; at first order, it results into the Fick, Navier–Stokes, and Fourier equations; at second order, it yields a set of 17 moment equations; and at third order, it leads to the regularized 17-moment equations. The transport coefficients in the Fick, Navier–Stokes, and Fourier equations obtained through order of magnitude method are compared with those obtained through the classical Chapman–Enskog expansion method. It is established that the different temperatures of different constituents do not play a role up to second order accurate theories in the Knudsen number, whereas they do contribute to third order accurate theory in the Knudsen number. Furthermore, it is found empirically that the zeroth, first, and second order accurate equations are linearly stable for all binary gas mixtures; however, although the third order accurate regularized 17-moment equations are linearly stable for most of the mixtures, they are linearly unstable for mixtures having extreme difference in molecular masses