Reforming nanocatalysts are formed using a dispersing agent to increase the activity, selectivity and longevity of the catalyst when used in a reforming process. The nanocatalyst particles are formed using a dispersing agent having at least one functional group selected from the group of a hydroxyl, a carboxyl, a carbonyl, an amide, an amine, a thiol, a sulfonic acid, sulfonyl halide, an acyl halide, an organometallic complex, and combinations of these. The dispersing agent is particularly useful for forming multicomponent catalysts comprising an alloy, combination, mixture, decoration, or interspersion of platinum and one or more of tin, rhenium or iridium. The formation of the nanoparticles may include a heat treating process performed in an inert or oxidative environment to maintain the catalyst atoms in a non-zero oxidation state to thereby maintain a stronger bond between the dispersing agent and the catalyst atoms. Multicomponent reforming catalysts having anchored nanocatalyst particles exhibit particularly good activity, selectivity and longevity when used in the reforming of naphtha and/or formation of BTX.