Doing squats is a great workout and can help you burn fat around your thighs and the rest of your body as well.
Alongside doing other exercise such as walking, running, running on treadmill etc to lose weight I also did squats twice per day everyday for a year.
After a year of exercising and doing squats I lost belly fat and lost weight as well as lost fat around my thighs and toned my leg muscles as well.
When you do squats you help to strengthen your leg muscles as well so you lose weight, belly fat, tone your leg muscles and improve your leg muscle strength.
You can do squats as often as you feel like doing the squats and the more often you do the squats the better off you'll be.
There's no harm in doing squats everyday or more than once per day everyday.