What is the name of the Binary compound $Mg{I_2}$?

Hint: Binary compounds are chemical compounds consisting of two different elements.An element is the simplest form of a pure substance, in other words an element is the simplest form of a pure substance which can neither be decomposed into nor built from simpler substances by ordinary physical or chemical methods. So a binary compound will be composed of two different chemical elements.

Complete answer:
Binary ionic compounds are salts that comprise only 2 elements. The first atom or cation in a binary ionic compound is metal and the second atom or anion is a nonmetal.
For naming the Binary compound, the order followed to name is such that the cation is named first and then the anion is named.
While naming the anion, consider the element’s root name and then add the suffix-‘ide’. For example taking elements like Chlorine = Chloride, Fluorine = Fluoride, Iodine = Iodide, etc. in the element’s root name the ending will be –ide instead of –ine.
$Mg{I_2}$ is a binary ionic compound as it is made up of a Metal and a Nonmetal.
The Metal (Mg) is named as it appears on the periodic table i.e. Magnesium.
The Non-Metal in $Mg{I_2}$is Iodine so replacing the -ine with -ide we get iodide.
So, the name of the Binary ionic compound $Mg{I_2}$ is Magnesium Iodide.

Note:
There are three types of binary compounds, they are binary covalent compounds, binary acids and binary ionic compounds.
Binary acids are also known as hydracids. A binary acid composed of a hydrogen cation bonded to another anion atom. Binary covalent compounds are formed when two nonmetals form a covalent bond.