An electrode and in particular an electrode suitable for use as a cathode for hydrogen evolution in industrial electrolytic processes and a method for its preparation. The electrode comprises a metal substrate provided with a catalytic coating, the catalytic coating comprising a first protective layer in direct contact with the substrate, the first protective layer comprising platinum, in the form of metal or its oxides, and a second layer applied on top of the first protective layer, the second layer comprising platinum, palladium and an element selected from the group of rare earths, in the form of metals or their oxides, wherein the second layer comprises 15-40% by weight of platinum and 10-30% by weight of palladium and 40-75% by weight of an element selected from the group of rare earths referred to metals.