Composite Pd-based electrocatalysts consisting of a surface layer of Pt (5% wt.) supported on a core Pd3Co1 alloy were prepared. Two preparation approaches were investigated. One consisting of a single-step reduction procedure; in the second method, preparation of the PdCo alloy and deposition of a Pt overlayer occurred in two distinct steps. The catalyst prepared by a one-step process showed oxidised Pt species on the surface even if characterized by a smaller crystallite size with respect to the two-step Pd-based catalyst (4 nm vs. 6 nm). Moreover, the two-step process showed an enrichment of Pt on the surface and a smaller content of Co in the outermost layers. The enhanced surface characteristics of the two-step Pd catalyst resulted in a better performance. At 80 °C, the mass activity was lower than a Pt3Co1 alloy catalyst with the same crystallographic structure. Interestingly, the composite PtPdCo catalyst showed a significant increase of performance as the temperature was increased to 110 °C whereas the Pt3Co1 showed a decrease due to a prevailing effect of ionomer dry-out in the catalytic layer. The composite catalyst appeared sufficiently stable after 104 electrochemical cycles between 0.6 and 0.9 V at 110 °C and 33% R.H.