You can lose fat doing cardio fasted and you can lose fat doing it fed. So in the end, decide how to do it based on your own personal preference.
Arguably, the best way to do cardio is the way that gives you the most energy and highest performance.
The best time is whenever you’ll do it the most consistently.
I’ve met hundreds of people wanting to get leaner who train 5-6 times per week, yet fail to drop any body fat at all.
So, remember, while this article discusses the difference between fasted and non fasted cardio for fat loss, if you really want to make a difference to your body fat percentage, put extra focus into your eating habits