2 channels are sufficient. You can plug 4 sources, say 2 turntables and 2 cdjs, and toggle between those two you mix.
Question is Is rotary your thing? There's no crossfader here and the mixing goes a bit less easy. Also you can't scratch on it. If you decide for rotary let's see the sound quality. Rane 2014 is said to sound very good BUT:
1. it is digital mixer. You play your analog record, it gets converted to digital than back to analog upon exit. Rane may had this well solved, but still... You can get other excellent mixers that are fully analog. My suggestion below.
2. Rane was recently purchased by Numark and will move its production to China. Rane heads say it is the end for Rane as we know it.
I would consider
Super Stereo mixer. Not only fully analog but it has a valve version if you want AND a unique rotary crossfader, that for you as a beginner would make things much easier. Cheaper. Other rotary choices out there too.
Note no onboard fx here, should add a separate fx unit if needed.
For turntable forget the plx 500. Get a Technics and don't waste your time on questions. Plx 1000 only in case you can't find a good Technics, but you will.
XDJ 700 can be your cheaper way into Pioneer players.
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