Whether it came with 1.3 or the new 1.5 release of Serato DJ I'm not sure but Serato's slicer tool has now been unlocked for the Reloop Terminal Mix 2 and 4.

That random scissors button that didn't do anything actives the slicer in Serato DJ letting you chop up individual beats while the track continues playing in the background (slip mode).

http://support.reloopdj.com/terminal...-terminal-mix/