That bike is made with Hi-ten steel and is not as strong as cromoly but for that price you can't expect more. In the photo there are no pegs but you have to ask if it comes with pegs.
Also it doesn't have a freecoaster.
Flatland pegs can be expensive, the cheapest solution is get some plastic sleave pegs for street and cover them with griptape.
I just remembered, Armour bikes has Chris Bohm pegs on ebay, only $35 a pair which is a great deal.