I actually have that exact meter! It doesnt need any batteries and seems to work just fine. You pop it in the soil and the needle gives a near instant readout, but wait a minute or two and it'll settle at a more accurate reading. I only use the moisture readout, but it does the job for $10 or so.
One thing I will say is don't leave it in the soil all the time as the tips of the probes start to corrode and then it's a pain to scrub it up like new again.
