As FHHuber said, the term 'channel' is often misused. I try to say 'frequency' instead when I want to know which of the 50 numbers (11 thru 60) a pilot is using. But actually '60' (or 11, or whatever) isn't really a 'frequency' either. 72.990 is a frequency. So technically, I'm wrong too, but we gotta call 'em something, and 'What's the number on the little plastic flag on your transmitter?' sounds pretty dorky!
You probably got that transmitter so cheap because it didn't come with a matching receiver or servos. And also it's only a four channel (uh-oh, here we go with the channel stuff again!). If you buy the transmitter, receiver, servos, battery, switch, etc. separately, you will end up paying a lot more than if you bought the whole set at once. Usually, the cost of everything except the transmitter will add up to the cost of an entire set (including the transmitter). So, if you think of it that way, the transmitter is free!
But you can still use that extra transmitter as a buddy box. In that respect, it's well worth the money! Happy Flying!