TerraMaster F4-424 Max review: This 10GbE 4-bay Plex NAS destroys the DiskStation DS923+

While TerraMaster always had a good selection of budget-focused models, the brand undertook an ambitious overhaul last year in a bid to target the high-end segment. I tested the all-flash F8 SSD Plus when it debuted, and came away thinking the brand did a great job not just on the hardware side, but also the software.

With the F4-424 Max, TerraMaster is looking to continue that momentum. The 4-bay NAS has the best hardware package in its category, including two 10GbE ports, a 10-core Intel Core i5 1235U platform, 8GB of upgradeable RAM, and four traditional drive bays in addition to two M.2 slots.

Combine that with the changes to TOS 6 software, and the F4-424 Max has the potential to be one of the best 4-bay NAS models you can buy today, particularly if you're looking to build a high-end Plex server. I used the NAS for over two months, and here's why I think it is a better choice than the DiskStation DS923+.

TerraMaster F4-424 Max: Pricing and availability

TerraMaster unveiled the F4-424 Max in Q4 2024, and the NAS is now available globally. It retails for $899 on Amazon, and if you don't need dual 10GbE connectivity, there's a standard F4-424 with dual 2.5GbE ports that costs $499. This variant is powered by the Intel N95 and shares a similar design. There's also an F4-424 Pro that has a Core i3-N305 and 16GB of memory along with dual 2.5GbE connectivity, and that model is $649.

TerraMaster F4-424 Max: Design

TerraMaster's earlier offerings stood out because of their distinctive aluminum enclosures, and while the design was intriguing, they didn't have the best thermal efficiency. The brand is addressing that with the F4-424 Max by switching to a more modest aesthetic, with a black chassis that doesn't attract as much attention.

What's notable is that the sides are ventilated — similar to what you get with the DS923+ — allowing better airflow into the NAS. The server is smaller than other 4-bay NAS models I tested recently, and as is always the case with TerraMaster, you get a 120W external power brick.

I also like that there's now a 120mm fan at the back, and it does a fantastic job ensuring the drives don't overheat. As an added bonus, it doesn't get loud either. TerraMaster has a new design for the drive bays as well, with a push-to-latch mechanism that's easy to use. The brand finally switched to a tool-free drive installation, and this makes slotting in 3.5-inch HDDs significantly easier.

Outside of that, there isn't much else at the front. You get the usual status LEDs, and while most NAS models have a USB port that lets you plug in a drive, that isn't the case here — all the ports are located at the back. Interestingly, even the power button is at the back, with TerraMaster opting to go with a clean look up front that doesn't look too busy.

The changes to the design deliver meaningful benefits. The F4-424 Max has much better ventilation, and the chassis doesn't stand out quite as much, blending into the background.

TerraMaster F4-424 Max: Ports and connectivity

Obviously, the fact that you're getting two 10 Gigabit ports at the back of the NAS is the biggest differentiator, and it gives it a distinct edge — particularly when you consider that the DS923+ has dual Ethernet connectivity. You don't get the ability to add an additional port, but that shouldn't be an issue to anyone considering this NAS; with a 20Gbps addressable bandwidth, you don't have to worry about the network connection being the bottleneck.

There are two USB-A ports alongside a USB-C port, and all three get 10Gbps bandwidth. I would have liked to see the USB-C connector at the front as that makes connecting external drives easier, but other than that, I don't have any problems with the port selection.

The NAS comes with 8GB of DDR5 non-ECC memory pre-installed, which takes up one of the two SO-DIMM slots available. You can switch out the memory modules and increase it to 64GB (32GB in each slot) should you wish to do so. There are two M.2 Gen 4 slots available as well, and they're easily accessible by sliding the left side panel.

Each drive bay accommodates 22TB NAS HDDs, so the total addressable storage is 88TB without including the M.2 bays. If you are thinking of going this route, I recommend 22TB IronWolf Pro drives; I use these in my main NAS, and they're terrific.

TerraMaster F4-424 Max: Real-world testing

Powered by Intel's 10-core Alder Lake Core i5 1235U with integrated Iris Xe, there isn't any shortage of power here. If anything, the NAS is among the best of any 4-bay server I tested, and there have been plenty of standout products over the last two years.

There are no issues in daily use, and whether it's running a VM or managing an extensive Plex library, the NAS easily breezes through demanding tasks. It has hardware transcoding and effortlessly manages to transcode 4K videos, and I didn't see any issues in this regard.

In a similar vein, I didn't notice any problems with file transfers, with the NAS able to saturate the bandwidth of the IronWolf drives with relative ease. You'll ideally need to use M.2 drives like the WD SN850X to take full advantage of the 10GbE connectivity.

The TOS 6 software is much better than previous iterations, and you get native clients for most utilities, including media streaming, backing up data, and virtual machines. You get Docker containerization as well, so you can easily install just about any service you need if it isn't available as standard.

The only issue in this area is that the software tends to be buggy at times, and the mobile clients aren't anywhere as polished as other brands. While there is a Photos client, it doesn't have any of the advanced features you get with DiskStation models.

It's clear that TerraMaster still has some work to do with the software, but I will admit that TOS 6 is a step forward — it delivers a cleaner interface and has much better usability. There's also the fact that if you don't like the software, you can just install TrueNAS Scale on the NAS.

TerraMaster F4-424 Max: The alternatives

Two years after its release, the DiskStation DS923+ is still a great choice due to the software feature-set. It definitely lags behind in terms of the hardware — every other NAS I tested has better connectivity — but the rock-solid software utilities combined with the robust mobile clients make the DS923+ an enticing choice, and it does a great job as a Plex server.

TerraMaster F4-424 Max: Should you buy it?

You should buy this if:

• You need a powerful 4-bay server
• You want 10GbE connectivity as standard
• You need hardware that will last a decade

You shouldn't buy this if:

• You want the best software in this category
• You need a great value

Outside of a few software drawbacks, there isn't much to fault with the F4-424 Max. The hardware is clearly the main selling point, and the inclusion of dual 10GbE ports along with the powerful Intel chipset and upgradeable memory makes it a fantastic choice if you want the best Plex NAS.

While the TOS 6 software is much better than previous iterations, it's still missing that final bit of polish, and if you don't like the pre-installed software, you can roll your own — and that's enticing in its own right. I'm going to install TrueNAS and write a feature talking about how it holds up against TOS 6, but the fact that you can do so is in itself a big deal.

The F4-424 Max doesn't quite have the same value-focused pricing as its predecessors, but the upgrades to the hardware and software extensibility make it a good overall choice nonetheless.