The present invention relates to a method for preparing a catalyst comprising the steps of a. dissolving two or more alloy metal salts, b. adding at least one chelating agent and at least one stabilising agent, forming a sol, c. adding an encapsulant to said sol, d. evaporating said sol, forming a gel, e. drying said gel in the presence of oxygen, forming a powder, f. reducing said powder, forming a catalyst. The invention further relates to a catalyst, characterised in that the catalyst is stable for at least 200 h at a current density of 1.0 A/cm2. The invention further relates to catalyst comprising two or more metal alloys, wherein the two or more metal alloys are encapsulated by a metal oxide.
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