Density functional theory of freezing is used to study the phase diagram of a binary mixture of superparamagnetic colloidal particles in two dimensions. The particles interact via a purely repulsive potential that scales as the inverse cube of the inter-particle separation. This corresponds to a magnetic dipole interaction where the dipoles are induced by an external magnetic field applied normal to the plane. The pair correlation functions needed as input information in the density functional theory are calculated by the hypernetted chain integral equation closure. Considering the freezing into a disordered triangular solid phase, a spindle phase diagram is found for the susceptibility ratio 0.9 of the species, which changes to an azeotrope at a ratio 0.8. A eutectic-like phase diagram with an intervening solid phase emerges for the susceptibility ratio 0.7. The results are verifiable in real-space experiments on superparamagnetic colloids in external magnetic fields.