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Abstract This study investigates the importance of preconditioning in Pt‐alloy catalysts for oxygen–reduction reactions. Previous research indicated that slower scanning rates during preconditioning initially boost activity, but this is followed by a rapid decline. The study reveals the required number of cycles to achieve the first constant steady state activity in PtNiMo/C catalysts when using slower scanning rates during preconditioning. It also highlights the resulting activity differences. Remarkably, a catalyst preconditioned with 150 slow cycles showed an activity of approximately 1.25 mA cm−2 at 0.90 VRHE, significantly higher than one preconditioned at a fast rate (0.82 mA cm−2). Both ex–situ and in–situ analyses revealed that Pt, along with Ni, was leached during pretreatment. At slower scan rates of 20 mV s−1, the dissolved Pt redeposited as highly active, small‐sized clusters or single atoms. Fast scan rates of of 500 mV s−1, in contrast, resulted in fewer such clusters. Accelerated stress tests up to 1.10 VRHE confirmed the high stability of these clusters, demonstrating a substantial activity increase even after 24,000 cycles.