Formic acid and ethanol oxidations on spherical platinum nanoparticles dispersed on carbon with different loadings have been studied. The increasing loading of the catalyst leads to a lower diffusion flux of reactants in the internal parts of the catalyst layer, resulting in a lower apparent activity. In some cases, as in ethanol oxidation, it may also affect the diffusion of the products. As a practical consequence, the structure of the supporting layer and the catalyst loading should be optimized so that the maximum catalyst utilization is obtained. Finally, these diffusion effects may mask some important catalytic activity increase of the nanoparticles. In the case of formic acid, a significant increase in the activity is obtained for very small nanoparticles.