The game is not f2p - they just decided that the demo version of the game should be labeled as f2p. Even so, some of the default profiles are decent: sometimes I was playing as default footknight on an alt account to make fun of my clan-mates or people on duel servers.
How about the second part. Coins can indeed be obtained by playing, or bought with steam wallet, but cheap weapons are just as good as (and sometimes better than) expensive weapons, only that they don't look as good. Also, level is the true restriction. :P