Methods of synthesizing platinum-nickel-alloy nanoparticles and supported catalysts comprising the nanoparticles are provided. The methods may comprise forming a reaction mixture in a reaction vessel; heating the reaction mixture sealed in the reaction vessel to a reaction temperature; maintaining the temperature of the reaction vessel for a period of time; cooling the reaction vessel; and removing platinum-alloy nanoparticles from the reaction vessel. The reaction mixture may comprise a platinum precursor, a nickel precursor, a formamide reducing solvent, and optionally a cobalt precursor. In some embodiments the reaction temperature is at or below the boiling point of the formamide reducing solvent, such as from about 120° C. to about 150° C., for example. The platinum-alloy nanoparticles provide favorable electrocatalytic activity when supported on a catalyst support material.