Any exercise is good as long as it keeps you heart rate up in the right register.
If you do some reading around on the forum you will soon realise that the best way of losing fat is by combining resistance and cardio exercises. Of course, this assumes that your diet is also in check.
I would recommend doing a full body workout 3 timers per week. You dont necessarily need a gym membership or even fancy equipment. A barbell and weights will be more than enough.
Focus your energy on compound exercises which include squats, deadliftfs, pushups, pull/chinups, bent over rows, military press plus many others.
Do about 4-6 each workout and mix them up each session.
On the off days, you may wish to do some cardio exercise. For this i would recommend
HIIT (there is a sticky thread somewhere) which is not only time efficient but also focuses on using fat for energy rather than depleting muscle.
Keep in mind the weights training wont necessarily turn you into Mr. Muscle but will create muscle which directly aids in burning up fat., giving you that "toned" look
