Moisture sensitive insulation is not appropriate for basements unless it is separated by a non moisture sensitive insulation.

Closed cell insulation, which I have installed when the budget provides for it, is fine as long as it is protected by an approved thermal barrier. However, it's not a good choice for a retrofit unless you plan to be out of the home for at least a day due to the fumes. Also, there is risk if the applicator is not an experienced and trained person. This is no place for bargain-hunting.

Extruded polystyrene followed by wood framing.

A less expensive alternative would be sheets of extruded polystyrene affixed to the foundation wall followed by framing filled with fibreglass, rockwool or cellulose, all protected by an approved thermal barrier, typically drywall.