If there's a Peake code reader/scanner that does more than the Actron, but you're not really ever going to use it, then buy the tool that you'll use the most & at the cost that works for your budget.

If you have a laptop, & you think you may be a long time BMW owner, and can delve into some programming in the future...you might want to even consider a very simple OBD II scanner that you can toss in the glovebox (for emergencies) and spend the money for the software & cables later.

There are some really good BMW diagnostic forums out there that can get you set up. Personally I have a simple $25 scanner that I keep in the glovebox which has more than paid for itself. Anything required that is more than advanced for my scanner...I'm tossing in the towel nd putting the car into hands that have better equipment. :D

If you're in a remote area & getting to a qualified mech that has diagnostic equip is hard, don't sell yourself short on being able to go with INPA or the other software mentioned on he forums.

I used Carsoft 6.5 when I had an E34 Touring and now use BMW@ Scanner 1.4. Carsoft only works with computers with a dedicated serial ports, that is why I upgraded to BMW Scanner 1.4. I also use a ELM 327 Bluetooth dongle that I paired with my Android phone and the App Torque. It can scan for all OBD II compliant codes on the X. It also have live data feed so you can look at stuff like short term and long term fuel trim to determine what is going on with the engine.

OBDII Code Scanner
there are a lot of obd2 code scanners for you to choose