When you right-click to equip the item, you will receive a confirmation message to either accept or deny the bind. Once Soul Bound, the item cannot be traded, sold to players, or stored in an Account or Legion warehouse. If you no longer need an item you are bound to, you can discard it by using the Trash Bin located in your Inventory, sell it to an NPC, use the item for remodeling your upgrade, or use Extraction Tools to obtain Enchantment Stones from it.