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I've used both of the holsters and both work well. I traded to the Alpha X because of the ease of removing the hanger and replacing in the same location. I've started to travel/fly to more matches and this makes it easier to pack.
I found the real advantage of the Alpha X is the ease of adjustment. It's 1 or 2 screws for most adjustments vs 4-5 on the Race Master. A side affect is less things to come loose and double check.
The magnetic release is nice but offers no adjustment for tension. If you've not used a race holster before it can be unnerving. If you desire more retention than the magnetic release, you'll need to go with the Race Master with the friction release. I think you can still get those but I'm not sure.
Both holsters use the same insert. I have an insert for an STI and another for my Open gun with a PT grip. The STI insert worked out of the box. The PT grip insert (really an SV insert) needed some fitting. Swapping the insert is simple and takes less than 5 minutes.
If you want to check out the Alpha X hit me up at a match.
Looking at your profile you shoot USPSA, IDPA, 3-gun and speed steel. Which game are you thinking of using the holster? If it's for USPSA or Speed Steel it will work great. Neither of the holsters are designed to be a retention holster. The use case is for USPSA (standing still until the beep, draw, run) If you plan on running with a gun in the holster (3-gun maybe) I'd suggest something else.
You can turn the lock on with either holster and it will retain the gun. With practice you can sweep the lock off when you draw. I do this for seated starts.
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