Motive Studios and EA released a lengthy post that explains how the cosmetics and progression will work in Star Wars: Squadrons since the game will not have recurring monetisation.
Star Wars Squadrons will not have microtransactions but it just looks like the multiplayer component might seem too juicy for EA to pass up on. Whatever the case turns out to be in the future, there will not be any microtransactions initially and everything will be earned through gameplay.
There are three main points to progression in Squadrons multiplayer - Challenges, Operations and Level. All of these will lead to players acquiring Glory which is the currency that will be used to purchase cosmetics.
Levels are also tied to Experience, which is gained from playing pretty much anything. Levelling up will also award Requisition, the second currency, which will be used specifically for purchasing ship components. By the time you get to level 40, you will have unlocked all the components and Requisition will no longer be needed.
Challenges are the typical objectives that you complete in exchange for a reward. Besides Glory, players will also be able to gain unique cosmetics through Operation Challenges. These may be a one-time type of deal so missing out on one could mean you will miss out on the cosmetic permanently. Meanwhile, daily challenges will simply award Glory but they are simpler in design.
Operations are basically PvP seasons. Each lasts eight weeks and features a set of unique cosmetic rewards that can be earned through the aforementioned Operation Challenges. Furthermore, Fleet Battles rank is the measurement of one's PvP prowess and will serve both as a tool for determining the ladder and end-of-season rewards.
There are six ranks in total, from lowest to highest:
- Galactic Ace
The higher the rank, the better rewards you reap at the end of a season.
This is the quick rundown of things but if you want the more detailed version, you can check the official announcement .